BJ's Shareholders Drop Bid To Block $2.8B Buyout

Law360, New York (September 1, 2011, 7:12 PM EDT) -- Shareholders of BJ’s Wholesale Club Inc. on Thursday withdrew their class action in Delaware court to block the bulk retailer’s $2.8 billion sale to Leonard Green & Partners LP after BJ’s disclosed additional details about the private equity firm’s offer.

Plaintiffs in the consolidated litigation over the buyout asked the Delaware Chancery Court to scratch the preliminary injunction hearing scheduled for Friday now that BJ’s had amended its disclosures, illuminating the reasons why the board accepted the $51.25 per share offer advanced by Leonard Green and...
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